Ordinance No. 622AN ORDINANCE AUTHORIZING THE ISSUANCE OF $350,000
LIBRARY BONDS, SERIES 1961; PRESCRIBING THE TERMS AND
PROVISIONS THEREOF; APPROPRIATING OUT OF THE PROCEEDS
OF SALE OF SUCH BONDS THE SUM OF $350,000 FOR THE
LIBRARY PROJECT; LEVYING TAXES TO PAY THE PRINCIPAL
OF AND INTEREST ON SAID BONDS; AWARDING THE SALE
THEREOF; CONTAINING OTHER PROVISIONS RELATING TO
THE SUBJECT; AND PROVIDING THAT THIS ORDINANCE
SHALL TAKE EFFECT FROM AND AFTER ITS ADOPTION
WHEREAS, pursuant to an ordinance adopted by the City
Council of the City of Baytown, Texas, on the 25th day of August,
1960, and to an election held within said City on the 20th day of
September, 1960, tax bonds of the City have been authorized in the
•
principal
amount of $350,000 for
the purpose of
constructing and
equipping
a municipal building,
to-wit: a City
Library Building,
including the purchase of the necessary site therefor, said bonds to
bear interest at a rate or rates not to exceed 5% per annum and to
mature serially within 30 years from their date or dates; and
WHEREAS, said election was called and held under and in
strict conformity with law; and
WHEREAS, the City Council has determined that said bonds
should be issued and sold, and has caused a notice of sale of such
• bonds to be published in The Bond Buyer (a publication carrying
municipal bond notices and devoted primarily to financial news) and
in The Baytown Sun (the official newspaper of said City), said
notice having been published more than ten days prior to the date
set for the sale of said bonds; and
WHEREAS, bids have been received pursuant to said notice,
and the City Council wishes to authorize the issuance of said bonds
and award the sale thereof on the basis of the best bid received;
Therefore
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF BAYTOWN:
-2-
• Section 1:
RATIFICATION OF ORDINANCE: That the ordinance heretofore adopted by
the City Council of the City of Baytown, Texas, on the 25th day of
August, 1960 (authorizing the issuance of the $350,000 bonds de-
scribed in the preamble to this ordinance and calling an election
therefor), is hereby in all things ratified and confirmed.
NAME. AMOUNT, PURPOSE, AND AUTHORIZATION OF BONDS: That the tax
bonds of the City of Baytown, Texas, be issued in the principal sum
a municipal building, to -wit: a City Library Building, including
the purchase of the necessary site therefor, under and in strict
conformity with the Constitution and laws of the State of Texas,
particularly Chapters 1 and 7, Revised Civil Statutes of Texas, as
amended, and the Home -Rule Charter of said City, and pursuant to an
election held within said City on the 20th day of September, 1960,
at which election more than a majority of the duly qualified resi --
• dent electors of said City who owned taxable property within said
City and who had duly rendered the same for taxation, voting at said
election, voted in favor of the issuance of said bonds.
Section 3:
DATE, BOND NUMBERS, DENOMINATION, AND MATURITIES: That said bonds
shall be dated March 1, 1961, shall be numbered consecutively from
1 to 350, both inclusive, shall be in the denomination of $1,000
each, aggregating $350,000, and shall become due and payable seri-
ally in their numerical order, without option of prior redemption,
on the lst day of March in each of the years 1975, 1976, and 1977,
as follows:
-3-
of $350,000,
to be known
and
designated
as "CITY OF BAYTOWN LIBRARY
BONDS, SERIES
1961 ", for
the
purpose of
constructing and equipping
a municipal building, to -wit: a City Library Building, including
the purchase of the necessary site therefor, under and in strict
conformity with the Constitution and laws of the State of Texas,
particularly Chapters 1 and 7, Revised Civil Statutes of Texas, as
amended, and the Home -Rule Charter of said City, and pursuant to an
election held within said City on the 20th day of September, 1960,
at which election more than a majority of the duly qualified resi --
• dent electors of said City who owned taxable property within said
City and who had duly rendered the same for taxation, voting at said
election, voted in favor of the issuance of said bonds.
Section 3:
DATE, BOND NUMBERS, DENOMINATION, AND MATURITIES: That said bonds
shall be dated March 1, 1961, shall be numbered consecutively from
1 to 350, both inclusive, shall be in the denomination of $1,000
each, aggregating $350,000, and shall become due and payable seri-
ally in their numerical order, without option of prior redemption,
on the lst day of March in each of the years 1975, 1976, and 1977,
as follows:
-3-
^ - -•-_ -- }I .
4.01 - INTEREST: That said bonds shall bear interest at the fol-
lowing rates per annum, respectively, to -wit:
Bonds Nos. 1 through 100, ,
Bonds Nos. 101 through 200, and
® Bonds Nos. 201 through 350, ,
interest payable September 1, 1961, and semi - annually thereafter on
March lst and September lst of each year until the principal sum is
paid.
4.02 - BANK OF PAYMENT: That both principal of and interest on said
bonds shall be payable, without exchange or collection charges to
the owners or holders of the bonds and interest coupons, in lawful
money of the United States of America, at the Citizens National Bank
w Trust Co., Baytown, Texas. The principal of said bonds shall be
®
payable only upon presentation and surrender of said bonds as they
respectively become due, and interest falling due on and prior to
the respective maturity dates of the bonds shall be payable only
upon presentation and surrender of the interest coupons attached to
said bonds as such coupons severally become due.
Section 5:
EXECUTION OF BONDS AND INTEREST COUPONS: That, in accordance with
the provisions of Article 717J, Vernon's Texas Civil Statutes, each
of said bonds shall be signed by the Mayor and countersigned by the
0 City Clerk, by their facsimile signatures; and the corporate seal of
-4-
• Bond Numbers
Maturity.
Amount
(both incl.)
1 - 100
1975
$ 100,000
101 - 200
1976
100,000
201 - 350
1977
150,000
^ - -•-_ -- }I .
4.01 - INTEREST: That said bonds shall bear interest at the fol-
lowing rates per annum, respectively, to -wit:
Bonds Nos. 1 through 100, ,
Bonds Nos. 101 through 200, and
® Bonds Nos. 201 through 350, ,
interest payable September 1, 1961, and semi - annually thereafter on
March lst and September lst of each year until the principal sum is
paid.
4.02 - BANK OF PAYMENT: That both principal of and interest on said
bonds shall be payable, without exchange or collection charges to
the owners or holders of the bonds and interest coupons, in lawful
money of the United States of America, at the Citizens National Bank
w Trust Co., Baytown, Texas. The principal of said bonds shall be
®
payable only upon presentation and surrender of said bonds as they
respectively become due, and interest falling due on and prior to
the respective maturity dates of the bonds shall be payable only
upon presentation and surrender of the interest coupons attached to
said bonds as such coupons severally become due.
Section 5:
EXECUTION OF BONDS AND INTEREST COUPONS: That, in accordance with
the provisions of Article 717J, Vernon's Texas Civil Statutes, each
of said bonds shall be signed by the Mayor and countersigned by the
0 City Clerk, by their facsimile signatures; and the corporate seal of
-4-
• said City shall be impressed upon each of said bonds. The interest
coupons attached to said bonds shall also be executed by the facsim-
ile signatures of said Mayor and City Clerk.
Said facsimile signatures, as above provided, may be en-
graved, lithographed, or printed, and shall have the same effect as
if said bonds and coupons had been signed manually and in person by
each of said officers.
The registration certificate of the Comptroller of Public
Accounts of the State of Texas, as set forth hereafter in Section 8
of this ordinance, shall be manually subscribed.
Section 6:
FORM OF BONDS: That said bonds shall be in substantially the follow-
ing form:
No.
$ 1,000.
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF HARRIS
CITY OF BAYTOWN LIBRARY BOND
SERIES 1961
THE CITY OF BAYTOWN, in the County of Harris, in the State
of Texas, FOR VALUE RECEIVED, hereby acknowledges itself indebted to
and PROMISES TO PAY TO BEARER ON THE 1ST DAY OF MARCH, 19_, the sum of
ONE THOUSAND DOLLARS
® ($1,000), with interest thereon from the date hereof at the rate of
(NOTE TO PRINTER: For interest rates, see Section 4.01 of
band ordinance) per annum, interest payable September 1, 1961, and
semi - annually thereafter on March lst and September 1st of each year
until the principal sum hereof shall have been paid. Both principal
of and interest on this bond are payable, without exchange or col-
lection charges to the owner or holder, in lawful money of the
United States of America, at the Citizens National Bank & Trust Co.,
Baytown, Texas. The principal hereof shall be payable only upon
presentation and surrender of this bond, and interest hereon falling
due on and prior to the maturity of this bond shall be payable only
-5-
upon presentation of the interest coupons hereto attached as such
coupons severally become due.
THE DATE OF THIS BOND, in conformity with the ordinance
hereinafter mentioned, IS MARCH 1, 1961.
THIS BOND IS ONE OF A SERIES OF 350 SERIAL BONDS of like
date and tenor, except as to serial number, interest rate, and matur-
ity, being numbered consecutively from 1 to 350, both inclusive, In
the denomination of $1,000 each, AGGREGATING $350,000, and is issued
for the purpose of constructing and equipping a municipal building,
® to -wit: a City Library Building, including the purchase of the neces-
sary site therefor, under and in strict conformity with the
Constitution and laws of the State of Texas, particularly Chapters
1 and 7 of Title 22, Revised Civil Statutes of Texas, 1925, as
amended, and the,Home -Rule Charter of said City, pursuant to a vote
of the duly qualified resident electors of said City who owned tax-
able property within said City and who had duly rendered the same
for taxation, at an election held within said City on the 20th day of
Sutember, 1960, and pursuant to an ordinance duly adopted by the
• Cj.ty Council of said City, entitled "AN ORDINANCE AUTHORIZING THE
ISSUANCE OF $350,000 LIBRARY BONDS, SERIES 1961; PRESCRIBING THE
TERMS AND PROVISIONS THEREOF; APPROPRIATING ObT OF THE PROCEEDS OF
SALE OF SUCH BONDS THE SUM OF $350,000 FOR THE LIBRARY PROJECT;
LEVYING TAXES TO PAY THE PRINCIPAL OF AND INTEREST ON SAID BONDS;
AWARDING THE SALE THEREOF; CONTAINING OTHER PROVISIONS RELATING TO
THE SUBJECT; AND PROVIDING THAT THIS ORDINANCE SHALL TAKE EFFECT
FROM AND AFTER ITS ADOPTION ", finally passed February 2, 1961, which
ordinance is of record in the official minutes of said City Council,
IT IS HEREBY CERTIFIED, RECITED, AND REPRESENTED that all
acts, conditions, and things necessary to be done precedent to and
U
•
•
in the issuance of this bond, and this series of bonds, in order to
render the same legal, valid, and binding obligations of said City,
have been done, have happened, and have been performed in regular
and due time, form, and manner, as required by law; that due provi-
sion has been made for the payment of the principal of and interest
on this bond, and the series of which it is a part, by the levy of
a direct annual ad valorem tax upon all taxable property within said
City sufficient for said purposes; and that this series of bonds,
together with all other indebtedness of said City, does not exceed
any Constitutional or statutory limitation.
IN TESTIMONY WHEREOF, the City Council of the City of
Baytown, Texas, has caused the corporate seal of said City to be
affixed hereto, and, in accordance with the provisions of Article
717j, Vernon's Texas Civil Statutes, has caused this bond to be
signed by the Mayor and countersigned by the City Clerk, by their
facsimile signatures, and has caused the interest coupons hereto
annexed also to be executed by the facsimile signatures of said
Mayor and City Clerk, all as of the lst day of March, 1961.
COUNTERSIGNED:
City Clerk -
Mayor, City of Baytown, Texas
Section 7:
FORM OF INTEREST COUPONS: That the interest coupons attached to
such bonds shall be in substantially the following form:
No.
ON THE 1ST DAY OF
19 , THE CITY OF BAYTOWN,
in the County of Harris, State of Texas, PROMISES TO PAY TO BEARER,
• without exchange or collection charges, at the Citizens National
-7-
• Bank & Trust Co., Baytown, Texas, THE SUM OF $ , in lawful
money of the United States of America, being the interest due that
date on City of Baytown Library Bond, Series 1961, dated March 1,
1961, Bond No.
Mayor, City of Baytown, Texas
City Clerk
- I n
REGISTRATION OF BONDS BY COMPTROLLER: That each of said bonds shall
be registered by the Comptroller of Public Accounts of the State of
Texas, as provided by law, and the registration certificate of said
Comptroller, which is to be printed on the back of each of said
bonds and is to be manually subscribed, shall be in substantially
the following form:
OFFICE OF THE COMPTROLLER
REGISTER NO.
THE STATE OF TEXAS
I HEREBY CERTIFY that there is on file and of record In my
c:"fice a certificate of the Attorney General of the State of Texas
..c the effect that this bond has been examined by him as required by
•
Law, and that he finds that it has been issued in conformity with
Sze Constitution and laws of the State of Texas, and that it is a
valid and binding obligation of the City of Baytown, Texas; and said
bond has this day been registered by me.
WITNESS MY HAND AND SEAL OF OFFICE at Austin, Texas,
Comptroller of Public Accounts
of the State of Texas
- - i d - -- ^
• 9.01 - APPROPRIATION OF BOND PROCEEDS: That there is hereby
appropriated out of the proceeds of the sale of the bonds authorized
by this ordinance the sum of $350,000 for the purpose of constructing
and equipping a municipal building, to -wit: a City Library Building,
including the purchase of the necessary site therefor. It is esti-
mated that the maximum costs of said Library project will be $350,000;
consequently, there is no necessity for any down payment, and no such
down payment is made.
9.02 - APPLICATION OF BOND PROCEEDS: That the proceeds of sale of
the bonds authorized by this ordinance shall be used and expended
•
for the
purpose of constructing
and equipping
a municipal building
to -wit:
a City Library Building,
including the
purchase of the nec-
essary site therefor, as provided in the ordinance adopted August 25,
1960, calling the bond election which was held in said City on the
20th day of September, 1960.
Section 10:
TAX LEVY: That while said bonds or any part of the principal thereof
or interest thereon remain outstanding and unpaid, there is hereby
levied and there shall be annually assessed and collected in due
time, form, and manner, and at the same time other City taxes are
assessed, levied, and collected, in each year, beginning with the
current year 1961, a continuing direct annual ad valorem tax on
each $100 valuations of taxable property in said City at a rate suf-
ficient to pay the current interest on said bonds and to create and
provide a sinking fund of not less than two per cent of the principal
amount of the bonds then outstanding or of not less than the amount
required to pay the principal of said bonds payable out of said tax,
whichever is greater, full allowance being made for delinquencies
and costs of collection, and said taxes when collected shall be ap-
plied to the payment of the principal of and interest on said bonds,
M
•
and to no other purpose. Provided, that to pay the interest falling
due September 1, 1961, on said bonds, there is hereby appropriated
out of surplus funds of the City presently on hand (and not other-
wise appropriated, allocated, or encumbered), into the interest and
sinking fund hereby created, the sum of $
, and said
funds shall be used solely for the payment of said interest.
Section 11:
APPROVAL AND REGISTRATION OF BONDS: That it shall be the duty of
the Mayor to submit the record of said bonds, and the bonds, to the
Attorr,-, leneral of the State of Texas for examination and approval,
and thereafter to have them registered by the Comptroller of Public
Accounts of Texas.
Section 12:
SALE OF BONDS: That said bonds, having been advertised for sale as
provided in Section 63 of Article VI of the City's Home -Rule Charter,
and sealed proposals having been received therefor, it is hereby
found and determined that the bid submitted by
to purchase said bonds at a price equal to the principal amount
thereof plus accrued interest thereon from the date thereof to the
date of actual delivery, is the best bid received, and the sale of
said bonds to the named bidder at the stated price, subject to the
unqualified approving opinion, as to the legality of said bonds, of
the Attorney General of the State of Texas and VINSON, ELKINS, WEEMS
& SEARLS, market attorneys, is hereby authorized, approved, ratified,
and confirmed. When said bonds have been approved by the said
Attorney General and registered by the Comptroller of Public Accounts
• of the State of Texas, they shall be delivered to the purchaser upon
receipt of the full purchase price.
_10-
• Section 13:
DUTIES OF MAYOR AND CITY CLERK: That the Mayor and theCity Clerk
are hereby authorized and directed to do any and all things necessary
and /or convenient to carry out the terms of this ordinance.
Section 114:
EFFECTIVE DATE OF ORDINANCE: That this ordinance shall take effect
and be in full force
from and
after
its
adoption.
PASSED AND
APPROVED,
this
the
2nd day of February, 1961.
0
ATTEST:
1
City Clerk, City of Baytown
(SEAL)
•
9
r / /,/
Mayor, City of Baytown, Texas